What Do I Include In A Business Strategy?

If you are at the point of developing your business strategy and would like a checklist of inclusions then this blog is for you.

You first need to articulate clearly what your business idea is and why it should be successful.

Finances are the next area to consider in full and ask yourself the following questions:

• What do you expect your turnover to be in the first, second and third years? 
• After costs what is your profitability? 
• What are your funding investor, lender requirements? 

Profitability is key. So many businesses go to the wall despite high sales due to cost management issues.

Key personnel is the next consideration so ask yourself the following questions as well:

• Who has the requisite qualifications and experience in the market and what is their financial status?
• If the business is already operating what is the history of the business and its ownership?

However, the following is a full list of checklist of inclusions for developing your business strategy:

• Customer (and potential customer) numbers, profile and mix and expected growth in use of services, products
• Customer perceptions, needs, preferences, buying patterns, and trends (by sub-sector if necessary)
• Products and services, mix, values and trends including unique selling point and ideas for new services and products
• Demographic issues and trends - especially if dependent on consumer markets
• Future regulatory and legal effects
• Prices and values, and customer perceptions in these areas
• Distribution and routes to market
• Competitor activities, strengths, weaknesses, products, services, prices and sales methods
• Intangible assets and protection - for example, copyrights and trademarks

In terms of a physical layout and structure on paper and on-screen your business strategy should have and be organised into the following sections:

• Title, version number, author, date, company/organization if applicable, details of circulation and confidentiality
• Contents page - sections with page numbers, plus a list of appendices, allowing the reader to find what they need and navigate the document easily and to refer others to particular items and page numbers when reviewing or querying your strategy
• Introduction and purpose of the plan with terms of reference
• Executive summary page - no more than a page long - what the business is, market and potential and financial returns on investment
• The Business Strategy - split into clear sections
• Appendices - detailed reference material, examples, statistics, spreadsheets, for reference and not central to the main presentation of your plan.

In summary your business strategy is a document which spells out how you will achieve your vision and mission (see earlier blogs for an explanation of these).

Meanwhile, other documents to develop include the following:

• Values and ways of working - including business ethics and responsibilities wider than the business itself such as sustainability
• SMART (Specific, Measurable, Achievable, Realistic and Time Framed) Business Objectives
• Operational and Programme Plans.

Let us know how you get on or if you would like to work with a business coach in developing your business strategy please get in touch via our website West of England Coaching and Counselling.

Small- To Medium-Sized Business Growth

Are you the CEO or MD of a small- to medium-sized business with ambitions to grow your business?

I have been working with your peer group to help them to create high-performing organisations with the structure appropriate for the whole team to drive the business forward in a dynamic way.

How am I doing this?

We start by working out a programme which involves the whole senior management team with the aim that all senior stakeholders are actively engaged in creating a high-performing organisation.

The following are the key areas for you to focus on and begin to develop in order to start building your high-performing organisation and position it for growth:

1. A vision which all your staff can remember and relate to
2. A set of values which blend what is important to your customers and employees
3. A business strategy which delivers your vision and values
4. A clear and objective performance and talent management infrastructure
5. Ways of working that are simple and yet deliver results, such as, a common language for giving and receiving feedback

Your investment of time and money in focusing on these 5 core areas will deliver business growth.

On previous blogs I have covered vision, values and feedback and on future blogs I will cover how to develop a robust business strategy and a clear and objective performance management infrastructure so watch this space.

If this blog has developed your thinking at all please leave a comment or if there are other topics that you would like a blog on.

To work with us please visit the business coaching section of our website at West of England Coaching and Counselling.